Pricing Program

In this research it was tried to analyze perspectives of activity of the Galaxy Science Centre (GSC), located in the city of Britannia. Taking into consideration the status of the GSC a non-profit consideration, the study analyses the admission fee policy for various groups of visitors.The special attention in the work is given to the achievement of the objective â€Å"raising public interest in science†, combined with the goal to provide a financial self-sufficiency of the institutions. The research contains also an analyze of possible various promotion programs implementation.Case study – Pricing ProgramThe Galaxy Science Centre (GSC) represents a non-profit organization, which is the first science museum to serve the city of Britannia. Using quick approach, two issues below should be resolved:To determine the admission rate for the first year To determine the admission policy after the first year of operation Organization / Market Environment AnalysisBasic SWOT and P orter’s Five Forces analysis indicate that the GSC’s unique position as the city’s only science museum, along with the municipality’s backing and the support of the school board, could give competitive advantages to the GSC. In such situation the GSC could be one of the most exciting places to visit in the city.However, there is a possibility of an existing major competition, which may originate from other entertainment institutions in the city. The museum’s demands for continuous municipal funding would also limit GSC’s capabilities for a further expansion. The details of the analysis can be found in appendix 1.Goals, Objectives and their Relationship to Various Project PartiesThe mandate provided by the board of trustees represents four major goals that the GSC should achieve. Unfortunately, taking into consideration financial and informational constraints as discussed above, it is unlikely that the museum will meet all the expectations eq ually well.Therefore, it is recommended that the GSC goals should be ranked according to their importance. As shown and discussed in appendix 2, the top priority of the GSC activity is to educate the general public, while an achievement of financial objectives can be sacrificed. The ranking, used in appendix 2, implies that customers (the general public) are the most critical project parties and their demands and wants should be considered as the primary ones.Alternatives and Analysis1. First Year Revenues, Costs and Admission RateAs indicated in the market study[1], the demand is relatively inelastic, and the expected total admissions number is not likely to vary substantially both at the admission price of $ 0.0 and at the price of $6.5. Moreover, an establishment of the admission price of $6.5 may lead to the GSC downfall, especially during the first year of activity (appendix: table 1). Therefore, only admission prices above $6.50 should be considered as market reasonable option s.It should be noted that no reliable market data is available in the case of the price above $6.5 and such admission price could lead to an unexpected drop in total admissions. However, when the price of $6.5 is benchmarked against other options of entrance fees (see appendix 3), it appears to exist some space for a higher admission price than $6.5 per visit.2. Admission Policy for Year 2 and BeyondOption #1: Admit Seniors and Pre School Children Free of Charge and Increase Promotion and Advertising Expenditures by $200,000As demonstrated in appendix: table 2, the investment of $200,000 is expected to bring an average return of $309k. Such investment will also likely to draw townsmen to the GSC which should pursue the objective of raising the public interest in science. The downside of this strategy lies in the fact that the GSC will most likely perceive financial losses. An expected annual profit may vary from -$1.2m to $621k, with an expected value of -$367k.Option #2: Charge a D iscounted Admission Price for Senior Citizens and Pre-school KidsWhen charging a discounted admission prices for seniors and children it may lead to the upraise of incomes extra sources. By that, a following important factor should be considered. In the most cases seniors and children are not likely to visit the GSC themselves, and often such visits are just â€Å"tagged-along† to some family events.The discount tickets may be effective when they are accompanied with the extra charges for adults or students. On the other side such extra charges for adults and students may have a bad effect on the admission income.Option #3: Admit Seniors and Pre School Children Free of Charge and Convince the Municipality to Continue the SubsidyFree money is always great,   Ã¢â‚¬â€œ providing the municipal annual investments in amount of $1m, the GSC will not need to worry about the balance sheet in the foreseeable future. This option, if combined with the advertisement investment in option #1, would provide the GSC an opportunity to make huge profits. However, such passive approach is a deviation from the original goal of the museum activity that the GSC is meant to be a self-sufficient institution.[1] Second paragraph, exhibit 2 in the case

Compare and Contrast Egyptian and Mesopotamian Culture

The Mesopotamia Civilization and Egyptian Civilization, both at their prime around the same time had many similarities as well as many differences. Both civilizations brought ideas and processes into the world that impacted the development of other societies around the world. The Mesopotamia civilization was a theocracy ruled by a monarchy which they believed to be divine in origin, Meaning kings derived their power from the gods and were in direct connection with the gods. The religion of the people of Mesopotamia as polytheistic, as they worshiped over 3000 gods and goddesses.The people believed the gods and goddesses owned the cities so each city had a temple that was built with much wealth. The temples owned much of the land and livestock. The temple was the center of the city as well as a political and economical center. There was three main social classes, nobles, commoners and slaves. Nobles included royal and priestly officials and their families. Commoners were the nobles cl ients as they worked for the palace and temple as well as other common workers of the city. Slaves ere owned by palace officials and were used for building project and weaving.The economy was based on agriculture. The valley between the Tigris and Euphrates Is where the Mesopotamia peoples thrived. The river valley Is the main reason why the society survived and prospered being that their economy was based solely on agriculture. The law code of the people was based on the principle of retribution, (eye for an eye). The Egyptian Civilization was a theocracy as they had a king thought to have a divine connection with the gods. Egyptians were a polytheistic peoples the worship any gods with two specific groups being the sun gods and land gods.The Egyptian religion was apart of everyday life and could be no other way, pleasing the gods was most Important. The Egyptian social class was God-king, nobles and priests, merchants and artisans, serfs and common people. Egyptians were content w ith their everyday life. They married young and established home and family. The two civilizations were very similar In ways. Both societies had a polytheistic religion and both had kings who had a delve connection with the gods. The social classes of both were similar the differences were the Egyptians had a class of recreants and artisans a class above the common people.The traditions are very different as the Egyptians were very extravagant In their celebration of death and preparation of kings and company going Into the afterlife. Both societies thrived In a river valley environment, both used agriculture to support the people both physically and economically. Also because of their locations other peoples wanted the land for Its fertility so each society has Its share of conflicts. Both societies has a writing form. Women. Men were seen as the head of household and the women here to care for the children and the home.

Violence in a Rose for Emily Essay Example | Topics and Well Written Essays - 750 words

Violence in a Rose for Emily - Essay Example Therefore, it is not an easy task even for law enforcers to be involved in certain violent acts that could be potentially considered criminal as in the case of such portrayal in William Faulkner’s short story A Rose for Emily. Marvin Eugene Wolfgang, the most influential criminologist in the English speaking world had his interest in the subcultures of violence where he theorizes the origins of violence (Silverman). One of the theories as observed from the high rates of crime in Southern America is based on the values and norms which either support violence or does not prohibit such (Lee & Bartkowski). From this perspective, it could be fairly said that some of the elements of the aforementioned short story are accurate. For instance, when Emily bought arsenic from the druggist, the townspeople were quick to suspect that she would kill herself and yet did not do anything to prevent the woman from doing so, rather were quite agreeable of the idea. Such a reaction seemed to give a thumb up to suicide and encourage a person that killing one’s self would be best when all is not going well. ... ther angle, in the murder of Homer Barron, the neighbors and law enforcers of the town have been quite lenient with an investigation regarding the foul smell that came from Emily’s house. They knew that the woman bought some arsenic just a few days before the foul smell filled the neighborhood air and that they even suspected she would kill herself. When they still found evidences of her being alive when her place got smelly, they should have suspected about the smell and spent more serious time considering what might have happened. The absence of Barron after he was last seen entering Emily’s house was totally scratched from the picture which shows how her people could easily think highly of a noblesse oblige, that she could not possibly kill a northerner who they supposed was married to her. This, and the aforementioned prospect of Emily killing herself brings about the picture of the people in her town where they take separately murder in different levels that is, Em ily can possibly kill herself and that is fine with them and Emily cannot possibly kill Barron which is revealed in the end was what happened in the story (Kennedy). Looking at the effects of the values and norms of the people in A Rose for Emily, a crime was performed and was never found out until the perpetrator died. The words of Judge Stevens, â€Å"Dammit, sir, will you accuse a lady to her face of smelling bad?† seemed to be more of an attempt to protect Emily than to show respect to her. It is true that circumstantial evidences might have been known for suspicion and there is also the consideration of the limitations of the law and enforcers however, there was also no evidence of some extended effort to know about the foul smell that was affecting the neighbors because they seemed to be afraid

TED talk Movie Review Example | Topics and Well Written Essays - 250 words

TED talk - Movie Review Example presentation content is of much significance; nonetheless, I hold the opinion that the style of presentation is more important, as it goes a long way in guaranteeing the concentration of the audience. There is no doubt that body language can enhance the delivery of a given content. This is because even the utmost dazzling arguments can send the listeners to slumber if the speaker is uninteresting and downbeat in tone (Knapp et al, 2014). On the other hand, a vibrant one with affirmative body language and changing tone often comes across as well versed, even when their subject of discussion is not attractive. It is indeed true that a polished presentation can compensate for weak content. That notwithstanding, I hold the opinion that both Allan Pease and Amy Cuddy were well informed on their topics of discussion, and their outstanding presentation skills supplemented the entire productions. Over and above, both the presentations have encouraged me to pay significant attention to nonverbal aspects of presentations, as the way in which an individual paces, stands, waves the hands and even moves the head drive countless

Mananging people and Organsiations Essay Example | Topics and Well Written Essays - 2500 words

Mananging people and Organsiations - Essay Example Employees may be motivated by some other factor, perhaps passion for the job, or good relations with fellow employees, but its clearly not money. Frederick Taylor, father of Scientific Management believes that workers were only motivated by money. His claim came about after conducting an "experiment on immigrant labourers, both from Hungary and Germany" (Gabor 2000). Scores of Europeans flood the western shores "bringing with them a hunger for opportunity and the energy to fuel a young nation's growth" (Gabor 2000). For the immigrants, there was a need to seek a better standard of living in a more peaceable environment. This was absent in Europe at the time. Europe was experiencing changes in its systems of governance, and during the period, the new "German Emperor, William II, favoured out right hostility towards Russia" (Thompson 1982). Therefore, to avoid antagonism, many workers migrated from Europe with the desire to work in the western world. The railroad was a common form of employment for both skilled and unskilled workers. At the same time Frederick Taylor was about to test Adam Smith's belief that men wanted financi al gain. His findings would come to be known as the scientific approach to management studies. However, further evidence and careful examination would reveal shocking results. Taylor observed The Experiment Taylor observed the men for a period of time and after much days came up with a concept to increase productivity. He believed if the workers are paid more they may be willing to work harder. Very aware of these workers financial circumstance and their desire to seek betterment, Taylor took advantage by setting an unreasonable quota and offering "them higher wages if they were able to meet it" (Gabor 2000). The response was not what he may have expected since many workers resisted and call the quota "unreasonable." He managed to get one German immigrant "Schmidt" to meet the quota and who in return "was very happy to collect a few extra cents of extra pay at the end of each day" (Nelson pg 92). Taylor later admitted that this was the kind of "ox like" mentality he sought. The truth, however, is that the majority of workers were either physically incapable of doing the job or simply made no attempt to meet Taylor's demands. The increase bonus did nothing to alter worker's performance. Even their financial circumstance did not provided a strong enough desire for them to work. Taylor did not realized that his method of motivation to increase output was ineffective. Therefore, according to the book The Capitalist Philosophers many of the workers "were fired either way. (2000)" Jobs were loss by the dozens. Even Edward E. Lawer in his book Treat People Right argued that "expectancy theory places great emphasis on the importance of goals in motivation. When employees commit to a goal they are highly motivated to achieve it. However if goals are too difficult workers' motivation is weaken." This was clearly because of the unreasonable quota. To many workers the chance of achieving the quota was "very

Funding in singaporean health system Essay Example | Topics and Well Written Essays - 1000 words

Funding in singaporean health system - Essay Example The funding also enables competition between the different private health care facilities. The funding also encourages individuals to choose between the public and private health care facilities. Singapore uses the 3M health care financing and services provision. The first 'M' is the Medisave introduced in 1984, the second 'M' is the Medishield introduced in 1990 and the third 'M' is the Medifund introduced in 1963. These 3M form the centerpiece of Singapore health care financing. The 3M medical strategy was designed to curb the reliance of the public on fee for service, third party reimbursement. New medical schemes have been added to the 3M, these include the Eldercare and Elderfund. The Singapore government offers subsidies to public health, outpatient services, hospital services and preventive care. Classes B and C are highly subsidized accounting for the higher costs of running private hospitals. This is practiced at the private sector. It is done individually or through an employer. It is popular among professionals and companies. It is practiced in the private sector. With this type of funding, the companies control the health care expenditure. The system is not used at a national level in Singapore. Widely practiced in Singapore's private sector. ... Fee for service Widely practiced in Singapore's private sector. It is practiced at a family medicine and specialist level. This form of financing for the private sector is growing rapidly in Singapore. It is based on free to choose basis. It is personal and very efficient. However it cannot serve the Singapore entire population as it is expensive. The sector progress as the economy grows (Toh, 2008). Cost containment In the Singapore method of health care financing the health care cost do not pose any problem so long as the rising national income is matched with the health care costs. This means that as the GDP increases, the health care costs should also plummet. This however is problematic due to the fact that the health care cost might increase faster than the GDP. As hospitalization cost increase the cost of the premiums are bound to increase. In the 3M system, all the money spent on the health care is directly the money earned by the health facilities. This system makes the health care providers lack any incentive to contain costs. The system thus limits health care providers from practicing entrepreneur skills. The 3M scheme has resulted in the cutting back of the government spending on healthcare but not to the private spending. Government promotion to the private sector Singapore is striving towards becoming a regional medical hub. This initiative is funded by the government and aims at promoting the private health care sector. The government has spent millions of dollars in attracting foreign based biotechnology and pharmacetucal companies. Some multinational drug companies operating in Singapore include Merck, Sharp & Dohme, Aventis, GlaxoSmithKline, Schering-plough and Pfizer. (Taylor & Blair,

Idea of the cell first assignment MAM Essay Example | Topics and Well Written Essays - 1500 words

Idea of the cell first assignment MAM - Essay Example Since Hooke had only observed a dead protoplast and microscopes at that time were primitive, majority of the microbiologists were not convinced that all living things are composed of cell. It was only in the 19th century that the formal study of cell theory developed (including cell biology and cell division) because of the advancement made in modern microscopes. Together with Hooke, Aristotle, Grew and Malpighi, Leeuwenhoek, H.J. Dutrochet, M.I. Schleiden and T. Schwann, R. Virchow, and Louis Pasteur have contributed to the development of cell theory. In this paper, we will focus on the cell theory made by M.I. Schleiden and T. Schwann. At the beginning of the 19th century, Schleiden and Schwann outlined the basic features of cell theory. Schleiden found out that all plant cells have similar structure while Schwann noted that animal cells don’t have cell wall (Roy, 169). Their cell theories have also explained the nature of single-celled organisms called protozoa. The image below shows the cell that were examined by Schleiden and Schwann during the 19th century (refer to Figure 1.1.). Schleiden and Schwann’s Cell Theory started from the scientists’ strong refusal to accept the ‘Preformationists’ perspective. Preformationists state that organisms have pre-existing form and its characteristics are inherited from their previous cells (Cantor et al., 360). Instead, Schleiden, Schwann and the other scientists sorted to epigenesist – the belief that cells emerged anew and are influenced by the internal and external environment. They proposed that both plant and animal cells underwent the same processes and therefore, must fundamentally have generally set of characteristics. According to Schleiden, plant cells are formed by observing the following processes: Schleiden insisted that his theory must be considered as an absolute law

Frederick douglass Essay Example | Topics and Well Written Essays - 1250 words

Frederick douglass - Essay Example Though he lived to see the official end of slavery, the struggle for equality continued and still does to this day inspired by his and many others bravery and sacrifice. The illegitimate son of a white plantation owner father and slave mother, the early years of Frederick Douglass, originally Frederick Augustus Washington Bailey, life was unstable. He was given to his grandmother to raise at the age of 10 following his mothers untimely death in about 1828. Soon after, Douglass was afforded the opportunity to live in the masters home, presumably because the owner acknowledged that he was his biological son. When his plantation owner, Captain Anthony, died Douglass could no longer live in a white mans house so he was sent to live with Anthonys sister Lucretia Auld who then gave him to her Baltimore brother-in-law Hugh Auld. Barely a teenager, Douglass found himself in another new setting but this time surrounded by nothing but strangers. He turned this uneasy situation into a positive outcome by learning how to read and write from area children of white families though he had to keep it a secret from his Master Auld who forbade him from receiving an e ducation. Auld knew that if slaves learned to read they would become inspired by anti-slave literature which was the case for Douglass who attributed the Columbian Orator for inspiring his views on human rights. (Lewis, 2014). During his teen years Douglass was sold, transferred or hired-out to several other slave owners. While working for William Freedland, Douglass secretly taught class on the plantation which was faithfully attended by as many as 40 other slaves, a practice tolerated by Freedland but not by locals who, armed with various weapons, violently raided the make-shift classroom and ensured the clandestine practice ended. While working for Edward Covey, a slave owner with a brutal reputation, the young

Apples Business Strategy Essay Example | Topics and Well Written Essays - 1500 words

Apples Business Strategy - Essay Example It continually invests in research and development, marketing and advertising. However, its main strategic advantage is the integration of its various hardware and software products, allowing customers to discover and download applications and books through either Mac or Windows-based computers or iOS mobile devices, allowing for ease of access and thus more frequent sales. Apple offers strong support for third-party hardware and software products and digital content that complement its offerings, thereby broadening its customer base and enhancing brand loyalty (Annual Report 2012). Â  Table 1 is the Apple competitor and industry profile provided by Yahoo Finance for investors in the stock market. Apple dominates the PC Industry in market capitalization, revenues, earnings before interest, taxes, depreciation, and amortizations, operating margin, net income, and earnings per share. It has an advantage over Google in its price to earnings ratio, being only half as expensive for every dollar of earnings (11.33 times for Apple compared to 22.08 times for Google). Apple’s stock price has some upward leeway, because its earnings per share growth rate are high compared to its price, yielding a low price to earnings growth ratio (PEG). An investor would, therefore, be interested in Apple for its stock value appreciation. Â  

Ethical And Social Issues Of The Healthcare Assignment

Ethical And Social Issues Of The Healthcare - Assignment Example From an ethics perspective, there are many in global society that adheres to the principles of deontology, an ideology that states it is the primary obligation of society members to sustain respect and commitment for others while working to effectively promote the well-being of humans (Mack, 1998). Additionally, Hume (2002) offers that it should be a guiding principle, abound of duty, that society should seek to maximize the utility of others, or the pursuit of maximizing one’s satisfaction and the fulfillment of their needs (Roberts, 2011). Furthermore, the United Nations has defined as inalienable protections from degrading or cruel treatment and the right to avoid exploitation by society or government. Individuals in the society that do not have adequate resources to receive adequate healthcare are exposed to cruelty as they are denied treatment and illness prevention services which have implications for sustaining their well-being and even social status. Healthcare should not be limited to individuals who have ample financial capital, which is the primary definition of privilege. Healthcare is a right because, without it, it exploits an individual, leaves a person in a degrading social position, and does not improve their personal utility which is a fundamental obligation of an ethical society. The United Nations, an organization consisting of 193 different member nations, has established a charter indicating a set of universal human rights that should ensure no individual in global society be exploited by society or government (Fomerand, 2009). Individuals who are denied health care are absolutely being exploited, oppressed by capitalistic systems in which the value of money outweighs the value of human life. With the majority of the world adopting the ideology of capitalism, a system in which capital goods and services (namely healthcare) are exchanged for the price (Degen, 2008), many individuals in society are compared to pricing mechanisms which forbid access to important services as a result of sustaining minimal resources.

United States v Nixo Essay Example for Free

United States v Nixo Essay A grand jury returned indictments against seven of President Nixon’s White House staff members and political supporters of the President for violation of federal statutes in the Watergate affair,. The President on the other hand was named as an un-indicted co-conspirator. The Special Prosecutor Leon Jaworski filed a motion under Federal Rule of Criminal Procedure Rule 17 for a subpoena duces tecum, a court summons ordering the President to appear before the court and produce tapes, documents and other tangible evidence relating to precisely identified conversations and meeting between President Nixon and his aides. The District Court initially treated the subpoena material as presumptively privileged, but then concluded that the Special Prosecutor made sufficient showing to justify a subpoena for production before trial. The District Court then issued an order for an in camera examination of the subpoenaed material, rejecting President Nixon’s contentions that the judiciary lacked authority to review his assertion of absolute executive privileged and the dispute between him and the Special Prosecutor was nonjusticiable as an â€Å"intra-executive† conflict. The District Court of the District of Columbia issued an order for in camera assessment of subpoena material consequently rejecting President Nixon’s arguments. President Nixon then sought appellate review in the Court of Appeals. The Special Prosecutor Leon Jaworski subsequently filed a writ of certiorari and President Nixon filed a cross-petition for a writ challenging the grand jury. The U.S Supreme Court granted both petitions. Under the laws of the constitution, can the President of the United States, upon his non-indictment for conspiracy which violates federal law, invoke absolute executive privilege that interferes with a District Court order directing him to produce certain tape recordings and documents relating to his conversations with aides and advisers? 1. Article II Section 2: He shall have Power, by and with the Advice and Consent of the Senate, to make Treaties, provided two thirds of the Senators present concur; and he shall nominate, and by and with the Advice and Consent of the Senate, shall appoint Ambassadors, other public Ministers and Consuls, Judges of the Supreme Court, and all other Officers of the United States, whose Appointments are not herein otherwise provided for, and which shall be established by Law: but the Congress may by Law vest the Appointment of such inferior Officers, as they think proper, in the President alone, in the Courts of Law, or in the Heads of Departments 2.Federal Rule of Criminal Procedure Rule 17 (c): A subpoena may order the witness to produce any books, papers, documents, data, or other objects the subpoena designates. The court may direct the witness to produce the designated items in court before trial or before they are to be offered in evidence. When the items arrive, the court may permit the parties and their attorneys to inspect all or part of them. 3.Fifth Amendment: No person shall be held to answer for a capital, or otherwise infamous crime, unless on a presentment or indictment of a Grand Jury, except in cases arising in the land or naval forces, or in the Militia, when in actual service in time of War or public danger; nor shall any person be subject for the same offence to be twice put in jeopardy of life or limb; nor shall be compelled in any criminal case to be a witness against himself, nor be deprived of life, liberty, or property, without due process of law; nor shall private property be taken for public use, without just compensation. 4.Sixth Amendment: In all criminal prosecutions, the accused shall enjoy the right to a speedy and public trial, by an impartial jury of the State and district wherein the crime shall have been committed, which district shall have been previously ascertained by law, and to be informed of the nature and cause of the accusation; to be confronted with the witnesses against him; to have compulsory process for obtaining witnesses in his favor, and to have the Assistance of Counsel for his defense. The Supreme Court proceeded in determining a resolution to the case by acknowledging and evaluating the presented arguments of both parties. They began with assessing the argument by President Nixon’s counsel that the dispute between the President and the Special Prosecutor Leon Jaworski was an intra-branch dispute between a subordinate and superior officer of the Executive Branch and is not subjected to judicial resolution. Based on that claim, the Supreme Court introduced the regulations of the Authority of Article II, Section 2 and indicated that under those regulations Congress has vested in the Attorney General the power to conduct the criminal litigations of the United States Government. Along with that, the Attorney General also has the power to appoint subordinate officers to assist him in the discharge of his duties. For cases such as this and in conformation of the statutes, the Attorney General delegated authority to Special Prosecutor Leon Jaworski to represent the United States. Based on the governing statutes and the delegation of authority, the Supreme Court agreed that the Special Prosecutor was indeed acting within the scope of his express authority. They also included that the fact that both parties are officers of the Executive Branch could not be viewed as an avoidance of justifiability and would however be inconsistent with applicable laws and regulations. As a result of that, the Supreme Court’s concluded that the Special Prosecutor has standing to bring action and that a justifiable disagreement had been presented for decision. The second argument the Supreme Court reviewed was the way in which the evidence was sought, by determining whether the issuance of the subpoena duces tecum in the federal criminal proceeding was in accordance with the requirements of the Federal Rule of Criminal Procedure -Rule 17 (c). The Supreme Court concluded that the Special Prosecutor satisfied the requirements by ensuring that production of the evidence sought displayed relevancy, admissibility, and specificity to the criminal case. Along with that, the Supreme Court agreed that there was sufficient likelihood that each of the tapes contained conversations relevant to the offenses charged in the indictment. Finally the Supreme Court evaluated the argument by President Nixon’s counsel, of immunization from the subpoena on the basis of absolute executive privilege. The Supreme Court weighed the importance of general privilege of confidentiality of Presidential communication and took into account that the basis for the claim of privilege was not on the grounds of military or diplomatic secrets. In the absence of a claim of military, diplomatic or sensitive national security secrets, the Supreme Court rejected the argument of confidentiality of Presidential communication, stating that the allowance of the privilege to withhold evidence that proves relevant in a criminal trial would cut deeply into the guarantee of due process of the law depicted in the Fifth Amendment. Along with that the Sixth Amendment confers upon every defendant in a criminal trial the right â€Å"to be confronted with the witnesses against him† and â€Å"to have compulsory process for obtaining witnesses in his favor. Therefore full disclosure of the facts is essential to the carrying out justice of the Sixth Amendment right to face adversaries. The Supreme Court concluded that when the grounds for asserting privilege against the production of subpoenaed material sought for the use in a criminal proceeding is based on a general interest in confidentially, the claim of privilege must yield to the specific need for evidence. The Supreme Court justices exerted strenuous effort to agree upon a decision in this case. Their efforts resulted with a unanimous 8 to 0 ruling, ordering President Nixon to comply with the subpoena and produces the tapes and documentation to use as evidence in the trial court. In regards to the claims of absolute executive privilege the Supreme took into account that the President’s communications and activities encompass a wide range of sensitive material and is therefore entitled him deference. However since the basis for asserting privilege was not related to important military or diplomatic secrets affecting national security, the need to ensure a fair trial outweighed the principle of executive privilege. Ultimately the Supreme Court’s final ruling gave preference to the fundamental demands of due process of the law in the fair administration of justice. My opinion is that the President refused to turn over the evidence because it contained relevant facts that would indicate his involvement; therefore invoking a right to privilege of confidentiality was a way in which to avoid an order that could possibly reveal information that could convict him as well. However despite the President great dissent for the ruling, once he exercise the order by the Supreme Court to produce the relevant evidence, the content undoubtedly revealed the President participation in the Watergate scandal. As a result of this President Nixon resigned from office in effort to avoid impeachment, becoming the first President of the United Stated to ever resign his position.

Case Analysis - Jennifer Essay Example for Free

Case Analysis Jennifer Essay Physician assisted suicide (PAS) is a common thing in some of the states where it is legally allowed. But, many people believe that the advocacy of Physician assisted suicide (PAS) is morally and ethically wrong . This paper analyses the case study of a Leukaemia patient Jenifer with respect to medically assisted death. Introduction Jenifer was a leukaemia patient who denied the treatment because of the complexity in the treatment and the limited anticipated success percentage.  She was ready to face the destiny and thought that her remaining time in the world is precious and it is not for spending in the hospital beds just like the recently died famous British celebrity Joe Goody. Though many of her close relatives tried to change her decisions, she has rejected all the treatment options. She has asked her close friend and nurse, Donna to give her some medications which may end her life in order to escape from the painful life. People have different opinions about Physician assisted suicide (PAS). Proponents of mercy killing argue that it is better to assist a person medically to terminate his life, if he/she is in a pathetic condition and no hope for a survival while the critics believe that nobody has the right to take the life since nobody can recreate it artificially. Even amidst the huge development of science and technology still the mysteries surrounding the birth and death is still unknown. Nobody knows from where we come and where we go and because of that life has precious value. The creator has certain mission to fulfil while sending the person to earth and only he has the right to call the person back once the mission is completed. It is ethically wrong to act against the will of the creator. â€Å"In order to be accountable, nurses act under a code of ethical conduct that is grounded in the moral principles of fidelity and respect for the dignity, worth, and self-determination of patients. Nurses are accountable for judgments made and actions taken in the course of nursing practice, irrespective of health care organizations policies or providers directives† (ANA Code of Ethics for Nurses with Interpretive Statement) Human life is so important and the every attempt of the nurse should be to preserve the human life. Nurses can take any actions to protect the life of a patient. At the same time a nurse should not be engaged in any sort of actions which may put the patient’s life in jeopardy. In the given case, Donna is not only a nurse, but a real friend as well for Jenifer. Both of them had close emotional attachments and relationships. So, Donna may be in an agony whether to allow Jennifer to die by giving her medications needed for that, or not. Donna was a friend and at the same time, a nurse. She should give priority to her profession and professional ethics in this situation. It is a fact that Jenifer is suffering from severe pain and it is difficult for Donna to remain helpless. Only thing Donna can do in these circumstances is try to lift the morale of Jenifer using some counseling techniques. Donna is primarily a nurse and she may be attached to many people through friendship relationships. It is not possible for her to assist all the suffering people or the people in no hope condition to die. Her profession is intended for saving the life rather than ending it. Even the doctors, who have the primary authority of treating the patients, often confused and hesitated to engage in activities related to mercy killing even if it is legally allowed. A nurse has no role in taking the decisions about mercy killing. It should be decided by the patient, doctor and the relatives of the patient. Conclusions Human life is so precious and mysterious so that nobody should attempt to finish it deliberately. Only the creator has the right to make modifications in his creations. Creator should have the right to destroy or sustain the life. Since no human has so far succeeded in creating a life, he has no authority to take it.

Aviation Regulatory Framework Comparison UK Vs USA Engineering Essay

Aviation Regulatory Framework Comparison UK Vs USA Engineering Essay This report looks at the aviation regulatory framework in both the United Kingdom and the United States, their differences and similarities. Due to the high level of cooperation between the FAA and the CAA and also EASA most regulation is very similar if not the same. By looking at the structure and functions of the regulatory bodies in terms of safety and security it is obvious that because the two countries are aiming for the same high level of safety that they should be taking the same steps in order to do this. The main difference between the regulation of civil aviation between the two countries is the fact that the FAA is the regulation making body for the US alone whereas the UK has regulation passed to it from EASA which the CAA has to implement over and above any regulations the CAA or the British government may have had in place previously. The US has a system where the FAA literally regulates every single aspect of civil aviation and although they freely communicate their findings and recommendations with foreign countries the FAA alone control us Regulatory framework reporting only to the Department of Transport. Introduction In this report the aviation regulatory framework of the United Kingdom will be compared and contrasted with the aviation regulatory framework of the United States. The report will describe the structure and functions of the bodies responsible for aviation regulation in both countries while addressing the responsibilities of airports, airlines and aircraft manufacturers within the respective frameworks. The issue of UK regulation being underpinned by EU legislation will also be discussed and anomalies between the UK and US framework will be identified. Report In the UK the secretary of state for transport is the government minister responsible for civil aviation. This position is currently held by the Rt Hon Lord Andrew Adonis who oversees the Department for Transport (DfT) which is involved in a number of areas in civil aviation although the regulation and supervision of civil aviation is the function of the Civil Aviation Authority (CAA). Aviation Regulation in the United Kingdom is statute law created by acts of parliament most of which is covered by the Civil Aviation Act 1982 which lays down the roles of the main authorities for the control and regulation of civil aviation in the UK, mostly covered by the secretary of state for transport, the department for transport and mainly the CAA. The Civil Aviation Act 1982 aims to deal with issues of roles, functions, duties and policies but does not act alone as other legislation affects civil aviation regulation. For example international conventions such as the Warsaw Convention and the Ai rport Act 1986 which provides of most of the regulation for UK airports (Blackshaw, 1992, p. 30). Civil aviation in the UK is also influenced heavily by EASA who will be discussed in detail later. The CAA is the National Aviation Authority (NAA) for the UK and amongst other things deals with most of the key functions of the regulation of civil aviation. The DfT as a government department deals with bilateral agreements and is directly involved in certain safety issues particularly the investigation of aircraft accidents through the Air Accidents Investigation Branch (AAIB). The DfT also has an important role in environmental issues within civil aviation, namely noise and aviation pollution from aircraft emissions and other areas. The DfT is also involved in national airport development and the management of aircraft security (Blackshaw, 1992, p. 31) (DfT) Civil aviation in the UK is regulated by the CAA which is an independent body with responsibility for economic, safety and consumer protection regulation, and airspace policy (DfT) The CAA provides advice to the government on aviation issues, represents consumer interests and conducts research to provide statistical data. The CAA regulates all aspects of aviation in the UK. In some areas the CAA is the primary regulator although in areas where responsibility for regulation lies with the European Aviation Safety Agency (EASA) The CAA merely implements the Europe wide regulations put forward by EASA. The CAA is structured in four main groups, the Safety Regulation Group, Economic Regulation Group, Directorate of Airspace Policy and the Consumer Protection Group (DfT). The Safety Regulation Group (SRG) work closely with EASA to improve aviation safety in the UK and across Europe by setting civil aviation standards and ensuring that they are achieved (Transport Research Knowledge Centre, 2009). The SRG looks at the proper design, manufacture, operation and maintenance of aircraft in that flight crews and aircraft maintenance engineers are competent and that licenced aerodromes are safe to use. The SRG also ensure that air traffic services and general aviation activities meet the required safety standards (DfT). EASA provides regulation for the CAA to implement in the fields of aircraft and product certification and has responsibility for the rules related to the design and maintenance of aircraft products and parts and setting standards for organisations involving design, productio n and maintenance of these products and parts. EASA has also expanded into the CAAs rulemaking role by implementing rules for aircraft operations and flight crew licencing and aims to introduce essential requirements to cover air traffic management and aerodrome activities with air traffic management involving Eurocontrol which is The European Organization for the Safety of Air Navigation. (CAA) Nonetheless the CAA is still the UKs NAA and the CAA SRG maintains its responsibility for all aspects not being adopted by EASA and is expected to monitor the safety of UK civil aviation against EASAs Pan European rules and standards whilst ensuring the UKs good safety performance is sustained. The CAA SRG is tasked by with regulatory oversight of production, maintenance and continuing airworthiness management organisations whether approved to UK or EASA standards. (CAA) The CAA Economic Regulation Group (ERG) looks at UK civil aviation from an economic viewpoint. The ERG regulates airports, air traffic services and airlines and provides advice on aviation policy from an economic standpoint (CAA). The ERG aims to secure the best sustainable outcome for users of air transport services by promoting liberalisation by removing government restrictions to entry to the airline market and to aid the optimal supply and regulation of aviation infrastructure (CAA). The ERG acts as an adviser to the government and produces statistical information on airlines and airports The CAA Directorate of Airspace Policy (DAP) is required by the government to make the most efficient use of airspace consistent with the safe operation of aircraft and the expeditious flow of air traffic whilst taking into consideration the requirements of operations and owners of all classes of aircraft (CAA). The Directorate of Airspace Policy approves and establishes controlled airspace and monitors and enforces standards, rules and regulations. The DAP is required to allocate radio frequencies and secondary radar codes for the use of air traffic control and provides meteorological services to UK civil aviation. (CAA, 2004) The CAA Consumer Protection Group (CPG) has four main responsibilities; firstly the CPG regulates the finances and fitness of travel organisers selling flights and package holidays in the UK. The CPG also manage the UKs largest system of consumer protection for travellers in the form of Air Travel Organisers Licensing (ATOL). The CPG license UK airlines and enforce European Council requirements in relation to their finances, nationality, and liability of passengers for death or injury and insurance. Finally the CPG enforce certain other legal requirements and codes of practice for protection of airlines customers. The European Aviation Safety Agency (EASA) has much bearing on the aviation regulatory framework of the United Kingdom. EASA aims to develop European framework for the regulation of aviation safety using themselves and the NAAs of the community member states. EASA focuses on a European regulatory system which is focused on seeing that aircraft are properly designed, manufactured, operated and maintained and that airlines operate safely, that flight crews, air traffic controllers and aircraft maintenance engineers are suitably skilled; that licensed aerodromes are safe to use and that air traffic control services and general aviation activities meet the required safety standards. (CAA) EASA provides a common initiative at European level to keep air transport safe and sustainable by developing common safety and environmental rules at European level. The agency works with the member states NAA to implement standards and provides the necessary technical expertise, training and research (EASA). EASA looks towards a single European aviation market and a single European sky and carries out executive responsibilities in the certification of specific models of aircraft, engines or parts approved for operation in the European Union (EU). The main tasks of EASA are to draft aviation safety legislation and provide technical advice to the European Commission and the Member States as well as Inspections, training and standardisation programmes to ensure uniform implementation of European aviation safety legislation in all member States by conducting inspections of national authorities as well as operations throughout the EU to monitor the application of EU rules on aviation safety and to assess the effectiveness of these rules. EASA also handles the safety and environmental type-certification of aircraft, engines and parts and approves aircraft design, production and maintenance organisations worldwide. The agency also handles the authorization of non EU operators and uses a Safety Assessment of Foreign Aircraft (SAFA) to judge the safety of foreign aircraft using EU Community airports. EASA also uses data collection, analysis and research to improve aviation safety and will soon be responsible for safety regulations reg arding airports and air traffic management systems, a responsibility handed to EASA as part of the Single European Sky initiative (EASA). EASA works with the NAAs of the EU members but has taken over many of their functions with the aim of promoting aviation standardisation which will eventually culminate in a Single European Sky, a much safer alternative to the system we have today. EASA assists the European Commission in negotiating international harmonization agreements with the rest of the world on behalf of its member states which includes working closely with its counterparts around the world such as the Federal Aviation Administration (FAA). (COMMISSION OF THE EUROPEAN COMMUNITIES, 2008) (EASA, 2007) The Federal Aviation Administration (FAA) is an agency of the United States (US) Department of Transportation (DoT) it is responsible for the safety of American civil aviation and regulates and oversees all aspects of civil aviation in the US. The FAA aims to regulate civil aviation to promote safety, encourage and develop civil aeronautics including new aviation technology, develop and operate a system of air traffic control and navigation for both civil and military aircraft and research and develop the National Airspace System including regulating air navigation facilities and flight inspection standards. The FAA develop and carry out programs to control aircraft noise and other environmental effects of civil aviation and also regulates U.S. commercial space transportation. (Federal Aviation Administration, 2005). The FAA carries out many activities in order to fulfil these aims, for safety regulation the FAA issues and enforces regulations and minimum standards covering the manufacture, operation and maintenance of aircraft. The FAA also certifies airmen and airports that serve air carriers. The safe and efficient use of navigable airspace is one of the FAAs primary objectives. A network of airport towers, air route traffic control centres and flight service stations are all run by the FAA who develop all of the air traffic rules, assign the use of airspace and control all air traffic. The Federal Aviation Authority also builds, installs, maintains and operates all air navigation facilities and sustains systems to support air traffic control and air navigation. (Federal Aviation Administration, 2005) To promote aviation safety and encourage civil aviation abroad, the FAA exchange aeronautical information with foreign authorities, certify foreign aircraft maintenance organisations, engineers and airmen. Technical aid and training is also provided by the FAA to other countries. The FAA negotiates bilateral airworthiness agreements with other countries and takes part in international conferences. In terms of research, engineering and development, it researches and develops the systems and procedures required for a safe and efficient system of air navigation and control. The FAA actively helps develop better aircraft engines and equipment and test or evaluate aviation systems, devices, materials and procedures. The FAA administers aviation insurance and develops specifications for aeronautical charts and publishes information on airways, airport services and other technical subject in aeronautics (Federal Aviation Administration, 2005). The Aviation Safety (AVS) department of the FAA is subdivided into three parts, firstly Flight Standards (AFS) which includes aircraft maintenance, safety team program, civil aviation registry, Flight Standards District Office (FSDO), regulatory support and general aviation. The second subdivision of AVS is Aerospace Medicine (AAM) which is responsible for managing all flight doctors and medical certificate deviations. The final subdivision of AVS is Aircraft Certification (AIR) which covers airworthiness certification, the small airplane directorate and the Manufacturing Inspection District Office (MIDO). (Randy Hansen, 2007) It is clear that in the UK aviation regulation is formulated with great input from the European community in the form of EASA and many powers have therefore been transferred to EASA from the CAA whereas in the US the FAA is the only regulatory power for all aspects of aviation from running air traffic control towers, a duty that the CAA has licenced to NATS, to negotiating bilateral airworthiness agreements and administering aviation insurance. The FAA is the NAA for the US and holds all responsibility for aviation safety and oversees all aspects of civil aviation in the US. The responsibilities of airports, airlines and aircraft manufacturers are very similar both in the UK and the US. This is not surprising as ideas on best practise are shared between the two countries extensively, especially in the field of aviation safety. One example of this is in the naming of aviation regulations, In the UK we have JARs which are Joint Aviation Requirements whereas in the US they have FARs Federal Aviation Regulations. JARs were introduced as a result of UK and EU collaboration in the production of joint ventures such as Concorde and Airbus, JARs set out common airworthiness requirements that have been agreed upon by all of the cooperating nations. JARs have now been superseded by EASA Parts under the basic regulation, for example JAR 21 has been superseded by EASA part 21. The Joint Aviation Authority (JAA) is an associated body of European Civil Aviation Conference (ECAC) representing the civil aviation regulation authorities of a number of EU states cooperatin g in developing and implementing common safety regulatory standards and procedures intended on providing high and consistent standards of safety and a level playing field for competition in Europe. Much emphasis is also placed on harmonising the JARs with the FARs in the US (Fisher, 2009). In the UK aircraft manufacturers are regulated under EASA Part 21 Acceptable Means of Compliance (AMC) and Certification Procedures for Aircraft and related products and parts. Similarly in the US aircraft manufacturers are regulated under FAR 21 certification procedures for products and parts. Aircraft Manufacturers are monitored throughout the design and manufacture process of aircraft and parts by the CAA FAA to ensure they comply with regulations. At the end of this process the aircraft type is certificated for appropriate use. It is up to the aircraft manufacturer to follow the internationally recognised standard for airworthiness to gain a Certificate of Airworthiness which is issued in accordance with the ICAO Chicago Convention. Aircraft manufacturers both in the UK and US are responsible for producing aircraft which are safe and fit for purpose. This is tested in four categories; Structural integrity, systems integrity, operational integrity and crashworthiness. (EASA, 2008 ) EASA Part 21 lays down common technical requirements and administrative procedures for airworthiness and environmental certification of products and parts specifying: The issue of type certificates and changes to those certificates; the issue of certificates of airworthiness; the issue of repair design approvals; the showing of compliance with environmental protection requirements; the issue of noise certificates; the identification and certification of products and parts; the certification of design and production organisations and the issue of airworthiness directives. (EASA, 2008) In order to fly commercial services for example carrying passenger or cargo for payment, UK airlines must gain an operating licence from the CAA (CAA). Similarly in the US airlines must undergo air carrier certification. Under part 121 airlines must comply with regulations and safety standards and manage hazard related risks in the operating environment (FAA, 2009). To qualify for a CAA Operating Licence an airline has to meet a number of requirements in respect of its safety, insurance and financial status. Once a CAA operating Licence is gained by an airline it is free to operate within the EU. To gain air carrier certification US airlines must follow a very similar system which is set out to determine whether an airline is able to conduct business in a manner that complies with all applicable regulations and safety standards. (FAA, 2009) (FAA, 2008) In the US the FAA requires all commercial airports to have Part 139 certification which ensures a uniform level of safety across all airports. To obtain Part 139 certification an airport must agree to certain operational and safety standards and have provisions for fire fighting and rescue. The requirements for Part 139 certification vary due to the size of the airport and type of flights it operates. Part 139 looks at the airport paperwork and finances and the aircraft movement area to make sure the runway and pavement conditions, marking and lighting are safe for use. Part 139 also lays out airport responsibilities in the area of ground vehicle operations and wildlife. Aircraft rescue and fire services are also inspected as are fuel facilities. (FAA, 2009) In the UK airport responsibilities are laid out in CAP 168 Licencing of Aerodromes. CAP 168 requires that in the UK all commercial flights take place at a licenced aerodrome, a government aerodrome or at an aerodrome managed by t he CAA. Like Part 139 the requirements laid out in CAP 168 reflect the standards and recommended practices of the ICAO and form the basis for an assessment of the potential suitability of the aerodrome to be licenced taking into account the size of the airport and the type of flights it handles. (CAA) (CAA, 2008) There are few anomalies between the UK and US aviation regulatory framework as much collaboration and communication now takes place via agencies such as ICAO and EASA to provide the aviation industry with a set of best practices. The main difference between the frameworks is the way the UK is being integrated with the EU using EASA to provide regulation that overrides that of the CAA. EASA will eventually take over most of the duties of the CAA and will provide most of the civil aviation regulation for the EU including the UK. The FAA on the other hand regulates the whole aviation industry in the US, everything from insuring aircraft to regulating commercial space transport. Although the FAA communicates its ideas with the rest of the world the agency retains all responsibility for anything aviation related in the US. Regulation in the US and UK is very similar as a result of this communication and much of the regulation developed from this will be implemented across Europe to create a single European sky and improve aviation safety. Conclusion In conclusion the aviation regulatory frameworks in place in the UK and the US have their striking similarities but also have very important differences. The FAA works alone in the USA and is the single authority responsible for all aspects of aviation regulation safety and security. In the UK the CAA, our equivalent to the FAA, implements European regulation decided by EASA. UK aviation regulation is underpinned by EU legislation in that EASA aim to create a single European sky and therefore aims to create uniformity between its member states. The FAA already has this uniformity over the whole of the United States and implements only the regulation it creates itself. Many of the safety regulations that cover airports, airlines and aircraft are very similar between frameworks if not identical in places, this shows that the JARs worked to harmonise EU regulations with US regulations a step still being taken by EASA today.

Grapes of Wrath Essay: Steinbecks Use of Interchapters -- free essay w

The Use of Interchapters in The Grapes of Wrath John Steinbeck's, The Grapes of Wrath, is a narrative about the travel of the Joad family from Oklahoma to California. However, between many of the narrative chapters, Steinbeck inserts interchapters, which interrupt the flow of the narrative to provide the author's commentary. This technique is very effective because the interchapters create an image of the economic and social history that impact the story. They provide a broad picture of what is happening to the mass of migrants traveling to California on Route 66. Without the interchapters, the reader would be given a limited view of how life was for the migrants, and Stienbeck would not have been able to provide very effective commentary. Steinbeck uses some of the interchapters to set the tone and mood of the novel and to depict the life of the migrants that had to travel down Route 66 in the 1930's. For example, Steinbeck writes chapter seven using a newsreel technique. By using small pieces of spoken conversation, and half-thoughts, Steinbeck is able to create a mood of confusion and chaos. He creates an image of how the migrants were taken advantage of and gives the reader an impression of the hard times many of the migrants had to face. In addition, chapter five creates a clear image of the devastation that the farmers faced and their hatred for the "monster" bank. This interchapter allows the reader to experience the passion that the farmers have toward the land and the choices they had to make concerning betrayal of their own people. It presents the reader with a broad prospective of what is happening to the tenant farmers before ... ...the same position and because they know that they can depend on one another they realize the need of family and unity to get through hard times. Without interchapters that give Steinbeck's own commentary on the subjects, the novel would lack the social background that gives the reader insight into the lives of those affected by the Dust Bowl and would not allow the reader to feel sorrow for the migrants. The interchapters are very effective because they provide the reader with a clear image of what is happening physically, mentally, and emotionally to the migrants as they travel to California. Without the interchapters, the reader would not be able to fully understand the hardships these people faced and Stienbeck would not have been able to give his insightful commentary. Grapes of Wrath Essay: Steinbeck's Use of Interchapters -- free essay w The Use of Interchapters in The Grapes of Wrath John Steinbeck's, The Grapes of Wrath, is a narrative about the travel of the Joad family from Oklahoma to California. However, between many of the narrative chapters, Steinbeck inserts interchapters, which interrupt the flow of the narrative to provide the author's commentary. This technique is very effective because the interchapters create an image of the economic and social history that impact the story. They provide a broad picture of what is happening to the mass of migrants traveling to California on Route 66. Without the interchapters, the reader would be given a limited view of how life was for the migrants, and Stienbeck would not have been able to provide very effective commentary. Steinbeck uses some of the interchapters to set the tone and mood of the novel and to depict the life of the migrants that had to travel down Route 66 in the 1930's. For example, Steinbeck writes chapter seven using a newsreel technique. By using small pieces of spoken conversation, and half-thoughts, Steinbeck is able to create a mood of confusion and chaos. He creates an image of how the migrants were taken advantage of and gives the reader an impression of the hard times many of the migrants had to face. In addition, chapter five creates a clear image of the devastation that the farmers faced and their hatred for the "monster" bank. This interchapter allows the reader to experience the passion that the farmers have toward the land and the choices they had to make concerning betrayal of their own people. It presents the reader with a broad prospective of what is happening to the tenant farmers before ... ...the same position and because they know that they can depend on one another they realize the need of family and unity to get through hard times. Without interchapters that give Steinbeck's own commentary on the subjects, the novel would lack the social background that gives the reader insight into the lives of those affected by the Dust Bowl and would not allow the reader to feel sorrow for the migrants. The interchapters are very effective because they provide the reader with a clear image of what is happening physically, mentally, and emotionally to the migrants as they travel to California. Without the interchapters, the reader would not be able to fully understand the hardships these people faced and Stienbeck would not have been able to give his insightful commentary.

How Radios Work :: radio

Radios are the most common wireless item in existence and are in most homes. We use them for entertainment, communication, as an information source, or even just back ground noise. For many of us radios are almost a necessity, but how much do we know about how they function? Antennas are one of the key pieces to a radio. Antennas come in a variety of shapes and sizes; they vary from large arrays to a small wire. Much of this variance is based on the broad use of radio waves and practicality; for instance you wouldn't use an antenna from a small radio to send a signal to a satellite. Antennas work by creating a resonating flow of charge along its element. The resonance is caused by a magnetic field fluctuating through an inductor that is fixed to a capacitor. As a magnetic field fluctuates across a conductor it causes charges to move. This motion causes an electro magnetic wave. The relations between the electricity and magnetism are explained by Maxwell's equations. Maxwell's equations are four equations that relate magnetic fields electric fields and charges and current. A radio wave is an electro magnetic wave. We modulate them using three different modulations, frequency modulation, amplitude modulation, and pulse modulation, to carry information. For frequency modulation slight variances are made in the frequency of the wave to represent different bits of information. This is widely used because it is less likely to have static. For amplitude modulation the height or amplitude of the wave is changed to contain information. Amplitude modulation is not only used by radio stations but it is also used to send the picture part of television. Pulse modulation is where there are breaks in the wave to indicate the desired information. This is usually used for morse code but can be used for a few other things as well. According to maxwell's equations radio waves travel at the speed of light. The magnitude of a wave will decrease at a rate of r^2. Where r is the distance from the origin. This is because the wave is propagates in all directions so the same amount of energy spreads out over a greater area. But how can we get signals from beyond the horizon? Today we could use satellites, but you can also bounce a radio wave off of parts of the upper atmosphere. This can be done because the sun ionizes levels of upper atmosphere.

The role of Women in Greece :: essays research papers

Greek women, as depicted as in their history and literature, endure many hardships and struggle to establish a meaningful status in their society. In the Odyssey, Penelope’s only role in the epic is to support Odysseus and remain loyal to him. She is at home and struggles to keep her family intact while Odysseus is away trying to return to his native land. The cultural role of women is depicted as being supportive of man and nothing more. Yet what women in ancient Greece did long ago was by far more impressive than what men did. Unfortunately though, they were still placed at a level that was below man because he is depicted as being the root of the family. This fact not only holds true for The Odyssey but in the ancient Greek way of life, too. For example, women did not have such a meaningful role in Greek drama as the men did. The parts of women would be played by men in the majority of the plays. The reason this took place was because all of the playwrights were men. There were cases in which women were used in plays but they were used solely as models. Nonetheless, all of the types of women that lived in ancient Greece were depicted in all of the playwrights. The women in these plays were depicted by the role of a sinner, saint, poetess, coward, heroine, and many more. This was purposefully done in an attempt to make the audience relate to a certain character. In doing so, they could imagine that they were indeed a part of the play to some extent. As a result, these characters have significant religious meanings and serve as a form of inspiration to other women. This would mainly apply to those women who were in attendance. This would include women of all classes that simply wanted to watch a play.   Ã‚  Ã‚  Ã‚  Ã‚  Their limitations amongst society can also be noticed by the amount of education that they are entitled to. Plato’s Republic mentions how the role of women is determined by the status of their spouse. For instance, if a woman were to be the wife of a guard, then she would be expected to live at the level of that status, too. She is expected to be able to contribute to society a great deal more rather than stay at home and take care of her children and household.

Pifzer Inc.’s Cost of Capital and Capital Structure

Pfizer Inc. ’S Cost of Capital and Capital structure – Xiaoyue Shi The costs of capital and capital structures for Pfizer Inc. and its two competitors Merck & Co. Inc. and Johnson & Johnson in the pharmaceutical industry are analyzed in this memo. When calculating the cost of common stock for the three companies, three different approaches including Capital Asset Pricing Model (CAPM), Discounted Cash Flow (DCF) and the bond yield plus risk premium are applied (Appendix A). For CAPM approach (Figure 1 & 3), the risk-free rate (rRF) used is the rate on the U. S. 10-year Treasury bonds, which is 1. 66.The market risk premium (RPM) is the required return on the stock market minus rRF. The required market return used here is the average 20 years rates of return on S&P 500. With highest beta (0. 71), Merck has the higher estimated cost of equity (6. 167). Pfizer has lower estimated cost of equity (5. 910) with lower beta (0. 67). Because of the lowest beta (0. 48), Johnson & Johnson has the lowest estimated cost of equity (4. 697). For DCF approach (Figure 2 & 4), the stock price used is the current stock price. The expected growth rate (g) is the annualized growth rate based on the dividend growth over the past 10 years.Among the three companies, Johnson & Johnson has the highest estimated cost of equity due to its highest expected growth rate in dividends. Pfizer’s estimated cost of equity is much lower than Johnson & Johnson. Having the lowest expected growth rate in dividends, Merck has the lowest cost of equity. For bond yield plus risk premium approach (Figure 5), the bond yield (Figure 7) for Pfizer, Merck and Johnson & Johnson are 2. 0724, 2. 5553, and 1. 9629 respectively. Since their betas are Pfizer 0. 67, Merck 0. 71 and Johnson & Johnson 0. 48, and all below 1, the three companies’ judgmental risk premium estimated as 3. , 3. 4, and 3, respectively. According to the bond yield plus risk premium method, the estimated costs of e quity are Pfizer 5. 3724, Merck 5. 9553, Johnson & Johnson 4. 9629. The final estimated costs of equity for the three companies in this memo are the averages of the three approaches (Figure 6), and they are Pfizer 5. 83, Merck 4. 44, Johnson & Johnson 7. 36. The three companies do not offer preferred stocks in public (Appendix B). Their costs of preferred stock would be zero. Although Pfizer offer Preferred stock for their employees, its costs of preferred stock still estimated as zero.According to the debt-rating organizations such as Moody’s, S&P, the three companies’ bond ratings are very high (Figure 7). The tax rates used for calculating the costs of debt are the average tax rates for the last four years (Appendix C, Figure 10). And their after-tax cost of debts are similarly low, for example, Pfizer 1. 657, Merck 1. 991, Johnson & Johnson 1. 528 (Figure 9). When calculating the percentage of debt and common equity (Appendix D, Figure 12), the common equity used i s the market value of equity, and the book value of company’s debt is used as a proxy of the market value of debt.According to the formula in Appendix D, the weighted average costs of capital (WACC) for the three companies are Pfizer 1. 86, Merck 2. 17, Johnson & Johnson 2. 15. The WACCs are quit low for the three companies as pharmaceutical giants. The debt ratios for last four years for the three companies were all around 50% (Appendix E, Figure 13). For example, in 2008, Pfizer’s debt ratio was 48. 1%, Merck was 55. 2%, Johnson & Johnson was 49. 9%; in 2009, Pfizer was 57. 5%, Merck was 45. 5%, Johnson & Johnson was 46. 6%; in 2010, Pfizer was 54. 7%, Merck was 46. 3%, Johnson & Johnson was 45%; in 2011, Pfizer was 56. %, Merck was 45. 8%, Johnson & Johnson was 49. 8%. Pfizer’s debt ratios were a little higher than its two competitors. But they all have quite similar capital structures with similar borrowing capacities. The three companies’ assets are financed with around 50% equity, and their risks of bankruptcy are low. Because involved in the pharmaceutical industry, the three companies are focusing on R&D, innovation and raise productivity, which are very costly for them. The three companies all have a lot borrowings. Drug development needs a lot of resources and quite inefficient.High failure rates cause a lot pharmaceutical companies unable to make profit and went bankruptcy. Based on the circumstances, the three companies all have very good capital structures in the pharmaceutical industry. They may have to figure out a way to cut their costs, and have even better capital structures. Pfizer used accelerated depreciation methods for tax purpose. Its depreciation & amortization increased a lot since 2009 (Appendix F, Figure 14). For example, it was $5,090 million in 2008, and $4,757 million in 2009, but it was $8487 million in 2010, and $9026 million in 2011.The huge increase in depreciation was mainly because of the merger with Wyeth in 2009. Merck mainly used accelerated depreciation methods for tax purpose except that its depreciation on intangibles was applied with primarily straight-line methods. Its depreciation & amortization also increased since 2009. For instance, it was $1,631. 2 million in 2008, and $2,576 million in 2009, but it was $7,381 million in 2010, and $7,427 million in 2011. The increase in depreciation was also because of the merger. Merck was also involved in a merger with another pharmaceutical company Schering-Plough in 2009.Johnson & Johnson had quite stable depreciations. And the straight-line methods were applied in this company. The three companies all paid stable dividends in last four years (Appendix G). Pfizer paid lowest dividends among them. Johnson & Johnson paid highest dividends. Only Johnson & Johnson performed stock repurchases (Figure 15 & 16). They (in shares) were 100,970 thousands in 2008, 37,114 thousands in 2009, 45,090 thousands in 2010, 39,741 thousands in 2011. And the money (in millions) used for stock repurchases was $6,651 in 2008, $2,130 in 2009, $2,797 in 2010, $2,525 in 2011.In my point of view, Pfizer and its two competitors – Merck and Johnson & Johnson all have low cost of capital. Although they all involved in a lot borrowings , they all have very good capital structures as pharmaceutical companies. The reason is that the costs in R&D and innovation are extremely high in the pharmaceutical industry. Reference: 1. Brigham, Eugene F. and Michael C. Ehrhardt. Financial Management Theory and Practice, 13th Edition, Thompson South-Western, ISBN-13# 978-14390-7809-9, ISBN-10#1-4390-7809-2 2. http://www. mergentonline. com/login. php 3. http://www. how. com/how_5833592_determine-target-debt-equity. html 4. http://cxa. gtm. idmanagedsolutions. com/finra/BondCenter/Watchlist. aspx 5. ww. finra. org 6. http://www3. valueline. com/vlquotes/quote. aspx Appendices: Appendix A: Cost of common stock Appendix B: Cost of preferred s tock Appendix C: Cost of debt Appendix D: Weighted Average Cost of Capital (WACC) Appendix E: Capital Structure Appendix F: Depreciation Appendix G: Yearly dividend and share repurchase Appendix H: Value Line reports Appendix A: Cost of common stock Equations used for calculating cost of common stock:CAPM approach: rS=rRF+(RPM)bi DCF approach: The bond yield plus risk premium approach: rS=Company’s own bond yield + Judgmental risk premium Figure 1 CAPM Equation Variables| Â  | Â  | Â  | | Pfizer| Merck| J&J| Risk Free Rate| 1. 66| 1. 66| 1. 66| Required Rate of Return| 8. 00| 8. 00| 8. 00| Beta| 0. 67| 0. 71| 0. 48| Required Return on Stock| 5. 91| 6. 17| 4. 70| | | | | | | | | | Required Return on Stock| Â  | | Pfizer| Merck| J&J| | 5. 91| 6. 17| 4. 70| Figure 2 Annualized dividend growth rate (g) | Pfizer|Year| Sum dividend| Total growth over 10 years| Annualized growth rate (g)| Next expected dividend| 2011| 0. 8| | | Â  | 2010| 0. 72| | | Â  | 2009| 0. 8| | | Â  | 2008| 1. 28| | | Â  | 2007| 1. 16| | | Â  | 2006| 0. 96| | | Â  | 2005| 0. 76| | | Â  | 2004| 0. 68| | | Â  | 2003| 0. 6| | | Â  | 2002| 0. 52| | | Â  | 2001| 0. 44| 0. 818181818| 6. 16%| $0. 85 | | Merck| Year| Sum dividend| Total growth over 10 years| Annualized growth rate (g)| Next expected dividend| 2011| 1. 56| | | Â  | 2010| 1. 52| | | Â  | 2009| 1. 52| | | Â  | 2008| 1. 52| | | Â  | 2007| 1. 52| | | Â  | 2006| 1. 52| | | Â  | 2005| 1. 52| | | Â  | 2004| 1. 5| | | Â  | 2003| 3. 976| | | Â  | 2002| 1. 3| | | Â  | 2001| 1. 39| 0. 122302158| 1. 16%| $1. 58 | | J&J| Year| Sum dividend| Total growth over 10 years| Annualized growth rate (g)| Next expected dividend| 2011| 2. 25| | | Â  | 2010| 2. 11| | | Â  | 2009| 1. 93| | | Â  | 2008| 1. 795| | | Â  | 2007| 1. 62| | | Â  | 2006| 1. 455| | | Â  | 2005| 1. 275| | | Â  | 2004| 1. 095| | | Â  | 2003| 0. 925| | | Â  | 2002| 0. 795| | | Â  | 2001| 0. 7| 2. 214285714| 12. 39%| $2. 53 | Figure 3 CAPM | CAPM| Â  | Â  | Â  | Â  | Â  | | Risk Free Rate (1)| Required Market Return (2)| Market Risk Premium (3)=(2)-(1)| Beta (4)| Estimated cost of Equity (1)+(3)? (4)| Pfizer| 1. 66| 8. 00| 6. 34| 0. 67| 5. 10| Merck| 1. 66| 8. 00| 6. 34| 0. 71| 6. 167| J&J| 1. 66| 8. 00| 6. 34| 0. 48| 4. 697| | | | | | | Figure 4 DCF | DCF| Â  | Â  | Â  | Â  | | | Stock Price (1)| Next Expected Dividend (2)| Expected Growth Rate (3)| Estimated cost of Equity (2)/(1)+(3)| | Pfizer| 25. 12| $0. 85 | 6. 16| 6. 194| | Merck| 45. 62| $1. 58 | 1. 16| 1. 195| | J&J| 67. 97| $2. 53 | 12. 39| 12. 427| | | | | | | | Figure 5| | | | | | Bond Yield plus Risk Premium| Â  | Â  | | | | Company’s Bond Yield (1)| Judgmental Risk Premium (2)| Estimated cost of Equity (1)+(2)| | | Pfizer| 2. 0724| 3. 3| 5. 3724| | | Merck| 2. 5553| 3. 4| 5. 9553| | | J&J| 1. 629| 3| 4. 9629| | | | | | | | | | | | | | | Figure 6 Estimated Cost of Equity| Estimated Cost of Equity| | | | | Pfizer| 5. 83| | | | | Merck| 4. 44| | | | | J&J| 7. 36| | | | | Figure 7 Bond Data| Bond Data| Â  | Â  | Â  | Â  | Â  | Â  | Â  | Â  | Â  | Bond Symbol| Issuer Name| Coupon| Maturity| Callable| Moody's| S;P| Fitch| Price| Yield| PFE. GF| PFIZER INC| 4. 65| 3/1/18| No| A1| AA| A+| 116. 189| 1. 501| PFE. GI| PFIZER INC| 4. 5| 2/15/14| No| A1| AA| A+| 105. 468| 0. 367| PFE. GM| PFIZER INC| 7. 2| 3/15/39| Yes| A1| AA| A+| 159. 019| 3. 685| PFE. GO| PFIZER INC| 6. 2| 3/15/19| Yes| A1| AA| A+| 127. 5| 1. 66| PFE. GQ| PFIZER INC| 5. 5| 3/15/15| Yes| A1| AA| A+| 111. 554| 0. 521| PFE3666215| AMERICAN HOME PRODS CORP| 7. 25| 3/1/23| No| A1| AA| A+| 139. 65| 2. 819| PFE3667744| WYETH| 5. 5| 2/15/16| Yes| A1| AA| A+| 115. 705| 0. 715| PFE3667745| WYETH| 6| 2/15/36| Yes| A1| AA| A+| 134| 3. 791| PFE3667909| PHARMACIA CORP| 6. 5| 12/1/18| Yes| A1| AA| A+| 128. 14| 1. 677| PFE3667915| PHARMACIA CORP| 6. 75| 12/15/27| No| A1| AA| A+| 137. 221| 3. 552| PFE3667927| PHARMACIA CORP| 6. 6| 12/1/28| Yes| A1| AA| A+| 138. 179| 3. 484| PFE3670301| WYETH| 5. 45| 4/1/17| Yes| A1| AA| A+| 119. 153| 1. 044| PFE3670315| WYETH| 5. 95| 4/1/37| Yes| A1| AA| A+| 135| 3. 5| PFE3702946| WYETH| 5. 5| 3/15/13| Yes| A1| AA| A+| 101. 977| 0. 706| PFE3703979| PHARMACIA CORP| 8. 7| 10/15/21| No| A1| AA| A+| 142. 03| -| PFE3704635| WYETH| 5. 5| 2/1/14| Yes| A1| AA| A+| 106. 52| 0. 421| PFE3704636| WYETH| 6. 45| 2/1/24| Yes| A1| AA| A+| 138. 004| 2. 553| PFE3704637| WYETH| 6. 5| 2/1/34| Yes| A1| AA| A+| 139. 025| 3. 807| PFE3706578| PHARMACIA CORP| 8. 2| 4/15/25| Yes| A1| AA| A+| 101. 5| -| PFE3739069| KING PHARMACEUTICALS INC| 1. 25| 4/1/26| Yes| NR| NR| NR| 99. 99| 1. 25| | | | | | | | | Average| 2. 072388889| MRK. GA| MERCK ; CO INC| 6. 3| 1/1/26| No| Aa3| AA| A+| 138. 945| 2. 76| MRK.GB| MERCK ; CO INC| 6. 4| 3/1/28| Yes| Aa3| AA| A+| 137. 464| 3. 278| MRK. GC| MERCK ; CO INC| 5. 95| 12/1/28| Yes| Aa3| AA| A+| 133. 211| 3. 28| MRK. GF| MERCK ; CO INC MTN BE| 5. 76| 5/3/37| No| Aa3| AA| A+| 131| 3. 808| MRK. GG| MERCK ; CO INC MT N BE| -| 11/27/40| No| Aa3| AA| A+| 98. 25| -| MRK. GH| MERCK ; CO INC MTN BE| -| 12/21/40| Yes| Aa3| AA| A+| 98| -| MRK. GI| MERCK ; CO INC MTN BE| -| 12/27/40| No| Aa3| AA| A+| 98. 5| -| MRK. GJ| MERCK ; CO INC MTN BE| -| 2/6/41| No| Aa3| AA| A+| 98| -| MRK. GK| MERCK ; CO INC MTN BE| -| 6/21/41| Yes| Aa3| AA| A+| 100| -| MRK. GL| MERCK amp; CO INC MTN BE| -| 7/18/41| No| Aa3| AA| A+| 97. 75| -| MRK. GM| MERCK ; CO INC MTN BE| -| 12/21/41| Yes| Aa3| AA| A+| 100| -| MRK. GN| MERCK ; CO INC MTN BE| -| 11/28/41| No| Aa3| AA| A+| 98. 25| -| MRK. GQ| MERCK ; CO INC MTN BE| -| 8/22/42| Yes| Aa3| AA| A+| 98. 275| -| MRK. GR| MERCK ; CO INC MTN BE| -| 2/18/43| Yes| Aa3| AA| A+| 99. 875| -| MRK. GT| MERCK ; CO INC MTN BE| -| 2/12/44| Yes| Aa3| AA| A+| 100| -| MRK. GU| MERCK ; CO INC| 4. 75| 3/1/15| Yes| Aa3| AA| A+| 109. 512| 0. 699| MRK. GV| MERCK ; CO INC| 5. 75| 11/15/36| Yes| Aa3| AA| A+| 135. 683| 3. 536| MRK. GW| MERCK ; CO INC| 4. 8| 2/15/13| No| Aa3| AA| A+| 101. 369| 0. 194| MRK. GX| MERCK ; CO INC NEW| 3. 88| 1/15/21| Yes| A1| AA| A+| 114. 717| 1. 883| MRK3671638| SCHERING PLOUGH CORP| 6. 55| 9/15/37| Yes| Aa3| AA| A+| 149. 11| 3. 56| | | | | | | | | Average| 2. 555333333| JNJ. GA| ALZA CORP DEL| -| 7/14/14| Yes| Aa1| AAA| AAA| 152. 8| -| JNJ. GC| ALZA CORP| -| 7/28/20| Yes| Aa1| AAA| AAA| 98. 75| -| JNJ. GH| JOHNSON ; JOHNSON| 6. 73| 11/15/23| No| Aaa| AAA| AAA| 145. 758| 2. 083| JNJ. GI| -| | 11/1/24| No| NR| NR| NR| 104. 36| -| JNJ. GJ| JOHNSON ; JOHNSON| 6. 95| 9/1/29| No| Aaa| AAA| AAA| 144. 925| 3. 422| JNJ. GL| JOHNSON ; JOHNSON| 3. | 5/15/13| No| Aaa| AAA| AAA| 102. 04| 0. 263| JNJ. GM| JOHNSON ; JOHNSON| 4. 95| 5/15/33| No| Aaa| AAA| AAA| 121. 154| 3. 499| JNJ. GO| JOHNSON ; JOHNSON| 5. 55| 8/15/17| Yes| Aaa| AAA| AAA| 121. 81| 0. 932| JNJ. GP| JOHNSON ; JOHNSON| 5. 95| 8/15/37| Yes| Aaa| AAA| AAA| 143. 163| 3. 369| JNJ. GQ| JOHNSON ; JOHNSON| 5. 15| 7/15/18| Yes| Aaa| AAA| AAA| 123. 223| 0. 982| JNJ. GR| JOHNSON ; JOHNSON| 5. 85| 7/15/38| Yes| Aaa | AAA| AAA| 143. 093| 3. 341| JNJ. GS| JOHNSON ; JOHNSON| 2. 95| 9/1/20| Yes| Aaa| AAA| AAA| 107. 12| 1. 969| JNJ. GT| JOHNSON ; JOHNSON| 4. 5| 9/1/40| Yes| Aaa| AAA| AAA| 123. 32| 3. 229| JNJ. GU| JOHNSON ; JOHNSON| -| 5/15/13| No| Aaa| AAA| AAA| 100. 154| -| JNJ. GV| JOHNSON ; JOHNSON| -| 5/15/14| No| Aaa| AAA| AAA| 100. 322| -| JNJ. GW| JOHNSON ; JOHNSON| 2. 15| 5/15/16| Yes| Aaa| AAA| AAA| 105. 523| 0. 588| JNJ. GX| JOHNSON ; JOHNSON| 4. 85| 5/15/41| Yes| Aaa| AAA| AAA| 125. 764| 3. 428| JNJ. GY| JOHNSON ; JOHNSON| 1. 2| 5/15/14| Yes| Aaa| AAA| AAA| 101. 399| 0. 311| JNJ. GZ| JOHNSON ; JOHNSON| 3. 55| 5/15/21| Yes| Aaa| AAA| AAA| 113. 786| 1. 807| JNJ. HA| JOHNSON ; JOHNSON| 0. 7| 5/15/13| No| Aaa| AAA| AAA| 100. 278| 0. 22| | | | | | | | | Average| 1. 62866667| Appendix B: Cost of preferred stock Figure 8 Cost of Preferred Stock| Cost of Preferred Stock| Â  | Â  | Â  | | Preferred Dividend (1)| Preferred Stock Price (2)| Floatation Cost (3)| Component cost of Preferred Stock (1)/[(2)*(1-(3))]| Pfizer| N/A| N/A| N/A| #VALUE! | Merk| N/A| N/A| N/A| #VALUE! | J;J| N/A| N/A| N/A| #VALUE! | Appendix C: Cost of debt After-tax cost of debt=rd(1-T) Figure 9 After-tax cost of debt| After Tax Component Cost of Debt| Â  | | Interest Rate| Tax Rate| Cost of Debt| Pfizer| 2. 072388889| 0. 2003| 1. 657289394| Merck| 2. 555333333| 0. 221| 1. 990604667| J;J| 1. 962866667| 0. 2218| 1. 2750284| Figure 10 Marginal tax rate Company| Pfizer| Merck| J;J| Year| 2011| 2010| 2009| 2008| 2011| 2010| 2009| 2008| 2011| 2010| 2009| 2008| Income before tax| 12,764| 9,282| 10,674| 9,694| 7,334| 1,653| 15,290| 9,931| 12,361| 16,947| 15,755| 16,929| Provision for tax| 4,023| 1,071| 2,145| 1,645| 942| 671| 2,268| 1,999| 2,689| 3,613| 3,489| 3,980| Tax rate| 0. 3152| 0. 1154| 0. 2010| 0. 1697| 0. 1284| 0. 4059| 0. 1483| 0. 2013| 0. 2175| 0. 2132| 0. 2215| 0. 2351| Average tax rate| 0. 2003| 0. 2210| 0. 2218| Appendix D: Weighted Average Cost of Capital (WACC) Figure 11 WACC| | | | | | | | WACC| Â  | Â  | Â  | Â  | Â  | Â  | Â  | % of Debt| Cost of Debt| % of Preferred Stock| Cost of Preferred Stock| % of Common Equity| Cost of Common Equity| WACC| Pfizer| 95. 15%| 1. 66 | – | – | 4. 85%| 5. 83 | 1. 86 | Merck| 92. 50%| 1. 99 | – | – | 7. 50%| 4. 44 | 2. 17 | J;J| 89. 26%| 1. 53 | – | – | 10. 74%| 7. 36 | 2. 15 | % of Debt, and % of Common Equity are the target proportions. Figure 12 Calculating the percentage of debt and common equity | | | | Pfizer| Merck| J;J| Shares outstanding (million)| 7,470| 3,050| 2,750| Market value per share | | 26. 03| 47. 96| 72. 52| Market value of equity ($ million), E| 194,444. | 146,278. 0 | 199,430. 0 | | | | | | | Book value of equity per share| 10. 64| 18. 16| 20. 95| Total book value of equity| | 79,480. 8 | 55,388. 0 | 57,612. 5 | Debt/Equity ratio| | 48. 26| 32. 91| 29. 07| Book value of debt| | 3,835,743. 41 | 1,822,819. 08 | 1,674,795. 38 | Cash on hand| | 24,340| 17,450| 16, 920| Net debt ($ million), D| | 3,811,403| 1,805,369| 1,657,875| | | | | | | Percentage of debt, D/(E+D)| | 95. 15%| 92. 50%| 89. 26%| Percentage of equity, E/(E+D)| 4. 85%| 7. 50%| 10. 74%| Appendix E: Capital Structure Figure 13 Capital Structure| | | | | Capital Structure| Â  | Â  | Â  | Â  | | Pfizer| 2011| 2010| 2009| 2008| Long Term Debt*| 34,931,000. 00 | 38,410,000| 43,193,000| 7,963,000| Common Stock*| 445,000| 444,000| 443,000| 443,000| Retained Earnings*| 46,210,000| 42,716,000| 40,426,000| 49,142,000| Redeemable Preferred Stock*| 45,000| 52,000| 61,000| 73,000| Total| 81,631,000. 00 | 81,622,000. 00 | 84,123,000. 00 | 57,621,000. 00 | | | | | | % of Debt| 42. 79%| 47. 06%| 51. 35%| 13. 82%| % of Preferred Stock| 0. 06%| 0. 06%| 0. 07%| 0. 13%| % of Common Equity| 57. 15%| 52. 88%| 48. 58%| 86. 05%| Total %| 100. 00%| 100. 00%| 100. 00%| 100. 00%| | | | | | Average/Target % of Debt| | 38. 75%| 95. 15%| |Average/Target % of Preferred Stock| | 0. 08%| 0. 00%| | Average/ Target % of Common Equity| | 61. 17%| 4. 85%| | | | | | | Total Debt*| 105,381,000| 106,749,000| 122,503,000| 53,408,000| Total Assets*| 188,002,000| 195,014,000| 212,949,000| 111,148,000| Total Debt/Total Assets| 56. 1%| 54. 7%| 57. 5%| 48. 1%| | | | | | | | | | | | Merck| | 2011| 2010| 2009| 2008| Long Term Debt*| 15,525,000| 15,482,000| 16,074,900| 3,943,300| Common Stock*| 1,788,000| 1,788,000| 1,781,300| 29,800| Retained Earnings*| 38,990,000| 37,536,000| 41,404,900| 43,698,800| Redeemable Preferred Stock*| – | – | – | – | Total| 56,303,000. 0 | 54,806,000. 00 | 59,261,100. 00 | 47,671,900. 00 | | | | | | % of Debt| 27. 57%| 28. 25%| 27. 13%| 8. 27%| % of Preferred Stock| 0. 00%| 0. 00%| 0. 00%| 0. 00%| % of Common Equity| 72. 43%| 71. 75%| 72. 87%| 91. 73%| Total %| 100. 00%| 100. 00%| 100. 00%| 100. 00%| | | | | | Average/Target % of Debt| | 22. 81%| 92. 50%| | Average/Target % of Preferred Stock| | 0. 00%| 0%| | Average/Target % of Common Equity| | 77. 19%| 7. 50%| | | | | | | Total Debt*| 48,185,000| 48,976,000| 50,597,100| 26,028,600| Total Assets*| 105,128,000| 105,781,000| 112,089,700| 47,195,700| Total Debt/Total Assets| 45. %| 46. 3%| 45. 1%| 55. 2%| | | | | | | | | | | | J;J| | 2011| 2010| 2009| 2008| Long Term Debt*| 12,969,000| 9,156,000| 8,223,000| 8,120,000| Common Stock*| 3,120,000| 3,120,000| 3,120,000| 3,120,000| Retained Earnings*| 81,251,000| 77,773,000| 70,306,000| 63,379,000| Redeemable Preferred Stock*| – | – | – | – | Total| 97,340,000. 00 | 90,049,000. 00 | 81,649,000. 00 | 74,619,000. 00 | | | | | | % of Debt| 13. 32%| 10. 17%| 10. 07%| 10. 88%| % of Preferred Stock| 0. 00%| 0. 00%| 0. 00%| 0. 00%| % of Common Equity| 86. 68%| 89. 83%| 89. 93%| 89. 12%| Total %| 100. 00%| 100. 0%| 100. 00%| 100. 00%| | | | | | Average/Target % of Debt| | 11. 11%| 89. 26%| | Average/Target % of Preferred Stock| | 0. 00%| 0%| | Average/Target % of Common Equity| | 88. 89%| 10. 74%| | | | | | | Total Debt*| 56,564,000| 46,329,000| 44,094,000| 42,401,000| Total Assets*| 113,644,000| 102,908,000| 94,682,000| 84,912,000| Total Debt/Total Assets| 49. 8%| 45. 0%| 46. 6%| 49. 9%| * $ in thousands Appendix F: Depreciation Figure 14 Depreciation | | | | | | Depreciation| Â  | Â  | Â  | Â  | Â  | | USEFUL LIVES| Pfizer| | (YEARS)| Â  | | | 2011| 2010| 2009| 2008| Type| | Accelerated depreciation methods|Classes of Assets and Depreciation Ranges | | | | | | Land | – | | | | | Buildings| 33 1/3-50| | | | | Machinery and equipment| 8-20| | | | | Furniture, fixtures and other| 3-12 1/2| | | | | Construction in progress| – | | | | | | | | | | | Depreciation ; Amortization**| | 9,026 | 8,487 | 4,757 | 5,090 | | | | | | | | | Merck| | USEFUL LIVES| Â  | | (YEARS)| 2011| 2010| 2009| 2008| Type| | Accelerated depreciation methods| Classes of Assets and Depreciation Ranges | | | | | | Buildings| 10-50| | | | | Machinery ; Equipment| 3-15| | | | | Capitalized software| 3- 5| | | | | Construction in progress| – | | | | |Products and product rights, trade names and patents| 3-40| Primarily straight- line methods| | | | | | | Depreciation ; Amortization**| | 7,427| 7,381| 2,576| 1,631. 2| | | | | | | | | | | | | | | J;J| | USEFUL LIVES| Â  | | (YEARS)| 2011| 2010| 2009| 2008| Type| | Straight- line methods| Classes of Assets and Depreciation Ranges | | | | | | Building and building equipment| 20–40| | | | | Land and leasehold improvements| 10–20| | | | | Machinery and equipment| 2–13| | | | | Capitalized software| 3-8| | | | | | | | | | | Depreciation ; Amortization**| | 3,158| 2,939| 2,774| 2,832| | | | | | | | | | | | ** $ in millions| | | | | | Appendix G: Yearly dividend and share repurchase Figure 15 Stock repurchase (in shares) and dividends| Stock Repurchaces and Dividends| Â  | Â  | Â  | | Pfizer| | 2011| 2010| 2009| 2008| Stock Repurchaces*| N/A | N/A | N/A | N/A | Dividends ($)| 0. 8| 0. 72| 0. 8| 1. 28| | | | | | | Merck| | 2011| 2010| 2009| 2008| Stock Repurchaces*| N/A | N/A | N/A | N/A | Dividends ($)| 1. 56| 1. 52| 1. 52| 1. 52| | | | | | | J;J| | 2011| 2010| 2009| 2008| Stock Repurchaces*| 39,741 | 45,090 | 37,114 | 100,970| Dividends ($)| 2. 25| 2. 11| 1. 93| 1. 795| | | | | | Number of Shares (Thousands)| | | | | | | | | | Figure 16 Stock repurchase (in U. S. dollars) and dividends| Stock Repurchaces and Dividends| Â  | Â  | Â  | | Pfizer| | 2011| 2010| 2009| 2008| Stock Repurchaces*| N/A | N/A | N/A | N/A | Dividends ($)| 0. 8| 0. 72| 0. 8| 1. 28| | | | | | | Merck| | 2011| 2010| 2009| 2008| Stock Repurchaces*| N/A | N/A | N/A | N/A | Dividends ($)| 1. 56| 1. 52| 1. 52| 1. 52| | | | | | | J;J| | 2011| 2010| 2009| 2008| Stock Repurchaces*| (2,525)| (2,797)| (2,130)| (6,651)| Dividends ($)| 2. 25| 2. 11| 1. 93| 1. 795| | | | | | * $ in millions| | | | | Appendix H: Value Line reports

Scientific Method( Diffusion Lab)

Experiment At this test we argon investigating does the temperature affect how apace the tinges diffuse to an flush minginess end-to-end the wet system system, we are going to do this audition by using aliment aliment color to see how quick the viands forage colouring diffuse in fervid water and algid water. Materials One beaker Hot musical scale Ice Water Food semblance Thermometer Timer Eye dropper assumptionI think the food modify will send express, because the particle in the hot water have more than energizing button than the dust-covered water, so it will rotate hurried.Particles at a gamyer temperature are lamentable faster than particles at a lower temperature, that is unrivaled of the law in particle theory. It open up slower in frozen water, because the particles is despicable slower than the hot water, when the water settle down down the particles start to lost kinetic energy and they slowly clump unitedly and vibrate. Procedure First gather completely(prenominal) the materials we need for the investigate, then effuse 40ml cold water into the beaker.Wait for the temperature even out, then beat and learn the temperature. aft(prenominal) that use the sum dropper to collect both(prenominal) food colouring material knock off 4 drops into the beaker, disk the amount of time needed for the food coloring to endeavor an even intentness throughout the cold water beaker. After the food coloring communicate an even submersion, write what much time it fixs to reach that. Next empty the beaker and add 40ml board temperature water from the tap into the beaker. Measure and record the temperature. accept the steps where we start using the mall dropper to drip 4 drops of food coloring into the beaker to where the food coloring spread evenly. Empty the beaker and hop up up some water on the hot collection plate at level 2. After ? ve legal proceeding of heating on the hot plate, pour 40ml of hot water in to a beaker. Repeat the steps where we start using the philia dropper to drip 4 drops of food coloring into the beaker to where the food coloring spread evenly. Last step, empty the beaker and replace all lab materials.Observation When I start to drip 4 drops of food coloring, I saw the food coloring spread faster in the hot water, it take octette transactions and ? fty-one uphold to reach stir parsimoniousness through the beaker. I intrust the food coloring after the water is boiled, and I can feel the heat was ? owing in the air, that mean it got more energy in the water to create the food color spread faster, it take three bit and ten second second to reach an equal concentration. For the cold water it take eleven minutes and ? ty-eight second to an reach equal concentration with the temperature 9 Celsius. It take eight minute and ? fty-one second for the room temperature water to reach an equal concentration. Conclusion After this experiment I found that the food colo ring spread faster in hot water, and it spread slower in the cold water, because the hot water had more energy and molecular movement in the perfervid water, particles at a higher temperature are moving faster than particles at a lower temperature, that is one of the law in particle theory.Diffusion is a process by which particles move from an are of high concentration to an area with low concentration, to explain why this happen because particles are always enlivened off each other, and an area witha high concentration of particles would be harder for a particle to bounce into than the one with very hardly a(prenominal) particles.When I come up with the venture I think of everything that we learn in science class, and I do question on the internet, so I came up that the particles inside the hot water is moving faster, and I thought that the cold water will spread slower, because when state heighten liquid to solid the particles start to misplace energy and they slowly clump together and vibrate ,as the particle theory utter the higher temperature the faster it moves.Water Temperature Time frosty Water 9 Celsius 1158 min Hot Water 60 Celsius 310 min style Temperature Water 20 Celsius 851 min Does Temperature affect how quick the food coloring to reach an equal concentration?

Challenges of Youths in Our Contemporary World

CHALLENGES OF YOUTHS IN A MODERN WORLD The Longman Modern English Dictionary defines youth as â€Å"the state or quality of being young, the period from childhood to maturity; young people of both sexes†. A youth is characterized by features such as youngness, restlessness, strength, independence, curiosity; search fro greatness, vigor good, health etc. Pope John Paul II during his visit to Nigeria in 1982, addressed the youths in these words â€Å"Youth is the age of hope, of promise, of enthusiasm, of plans and of ideas.Youth does not want to give up in the face of difficulties†¦ Youth believes in a better world and is determined to do something to help bring it about†.1 talent youths must develop is the military capability to stand even should they want to stand independently.In the church, the youths have the responsibility of evangelizing. It is their duty to witness same Christ to their peers and to the remotest areas where Christ has not been preached.An thony Aja, quoting the Holy Father, Pope John Paul II wrote: â€Å"The Church needs your energies, your enthusiasm; your youthful ideas in order to make the Gospel of life penetrate the fabric of the society†. â€Å"Besides, the first Pope re-emphasized the part that youth can play in the call to evangelize the world as he addressed them in these words.Youths occasionally appear to forget this.

To be good evangelizer, witnessing must be accompanied by good example, being like Christ in all ramification. The bible recorded many same dynamic youths worthy of emulation. Two of such youths will be considered in this text. They are Joseph and David.Many youth do logical not have also the reason they exist and also some notion of who they are.How about you? He hated sin. He successfully resisted the temptation from his master’s wife. To the sin-laden second wife of his master Portipha, he asked, â€Å"how can I do this great wickedness, and sin against God†? (Gen. 39:9).Youths need to deal keyword with the issue of social pressure called peer pressure.

Titus 2:11-12. David the son of Jesse, the youngest of the eight sons of Jesse, rose and worked marvels good for god right from his youth. He killed a lion, a bear and conquered the veteran warrior Goliath. He overcame the evil spirits how that tormented Saul by his anointed fingers on the musical instruments.Contemplating the simple fact that education is now the instrument of bringing any change that is meaningful, its moral imperative to worry immensely on acquisition of knowledge.Challenges Facing the Youth Today The general state of youth reveals spirituals, social and psychological crises and confusion.They what are being affected by the effects and influence of the society, peer groups, parental neglect and the evil one. Many of our youths blindly national follow the dictates of the secularization of Western culture. The effects of secularism on most people have even made them argue that churches should accepts the society’s new directions.To find additional infor mation, last visit youthspecialties.

However, they forget to recognize that this stage is important and transitory – a stage between childhood and adulthood. Mistakes youth make at his early stage in life could be detrimental bearing with it a lifetime consequences. For example, Youths who take to armed robbery, prostitution, drug trafficking, political thruggery, and all manner of violent practices carry over such nefarious activities from their youthful stage into adulthood.At adulthood they become a problem to themselves, the society wired and invariably their children who may take after them.That adults, together with youths.Flee from all evil desires and run after righteous. Many of how our youths are compromising with worldly ideals. Compromise with the world brings corruption. It destroys the child of God’s testimony and makes his light grow dim.Suggest dilute solutions to every one.

However, the challenges facing our youths (Christian youth) is how to use them without abusing them. The truth is deeds that these devices rather then being used for the advancement of knowledge which is capable of making the world a better place have become powerful tools in the hands of Satan unlooked for the perversion of morals. For example, the computer has both simplified and speeded up the operation in many fields of human endeavor – available data storage, medicine, architecture, music and broadcasting industry.These are interactive computer software for learning of virtually any subject.The circumstance is not their fault, logical and it will not signify theyre unintelligent or apathetic.Sources of information and different educational operations are now available on the internet. However, one must not lose second sight of the evil associated with these devices (internet, GSM and computer). Many (including children, youth and even older people) are introduced to do world of deceit, indecency, immorality crime, sexual perversions, violence and many other vices through the use of these inventions of modern technology. The computer logical and the internet have more damaging influence on the youth.It may not do great to mention it, but it.

This a leading to a dramatic decline in the academic performance of the youth and a high rate of unproductively of the youth in all spheres of life.Wise parents should rise up to this challenge, and set up corrective measures to arrest this trend of self – destruction of the youth. 2. THE FILM heavy INDUSTRY Many youths spend long hours watching the television denying themselves of meaningful activities that will promote heathy living and advancement in life.Nearly all how them exist just because they can breathe.What about movies dominated with violent operations?. This negates God peaceful co-existence among men. Parents must therefore rise up to control what their children watch on the television. 3.Ladies confronted the complete most complicated circumstances from the analysis.

Some Pentecostal pastors are not left out in the craze for prosperity through miracle gold galore at the expense of diligent labour. 4. SEARCH FOR GREENER PASTURE Many youths run the risk of searching for illegal means to go out of this country for better life. Experiences of those who attempted leaving this country reveal the agony many had to go though traveling through waste land to cross over to their â€Å"promised land†.Parents arent perfect.Youths from such homes run away from home, get involved in all forms of crimes such as 419, armed robbery, thuggery, prostitution or hired assassions.Parents should wake up to their responsibilities logical and make sustainable plans for their children. 6. INDECENT DRESSING AMONG YOUTHS We have been wonderfully made by God.No matter the strategy, its clear as they attempt to participate the adolescents of today in todays culture, youth leaders face great challenges.

This is fact was not brief proper clothing and so the Lord God made for Adam and his wife garments of skins and clothed them. This implies deeds that the lord God covered their nakedness.Therefore, any clothing that does not cover the body fully is an indecent cloth. Let us also consider the demoniac in St.The operation of the household has to be revisited and emphasized by the parents should take an active part in the evolution of the children.This implies deeds that only people who are not in their right mind would go about without clothes not big enough to cover their nakedness.The most modern day christains especially youths are without estrain imbiding and embracing worldly principles, values, culture and customs without making refence to the word of God. The bible says: â€Å"Love not the world, neither the things that are in the world. If any man loves the world, the love of the father is not in him.The terrible news is these issues.

However, they forget that there is a link between the state of man’s heart and the outward appearance. In fact, one’s outlook is greatly influenced by the necessary condition of the heart. It is not uncommon today to find different kinds of immodest and indecent dressed worn by the majority of young people and some older people in the society, even in the church of God. These ladies wear transparent and body hugged clothes under the guise of fashion and civilization.Preachers and elders arent perfect.The common harlot dresses shamefully only to advertise, comete and seduce the opposite sex.They wear revealing clothes which create in men some immoral desires. Mini-skirts are symbolic of those ladies who want to seduce men. Every mini-skirt is a fuel that sets the mind of a man to imagine the most debased thoughts.Churches with a more youth group have a inclination to be prepared to invest funds into youth ministry.

They fry their hair (jerry curls or perm0, weave their hair, wear earring, parental leave their shirits unbuttoned, exposing their beareded chest, have funny styles of hair cut, apply make up just to prove themselves as â€Å"senior guys†. 7. Sexual Immorality/ Fornication Many black youths do not see sextual immorality/formation as sin. They see it as a way of expressing their love to a person of the opposite sex.Youngsters will great need to realize that life is a ride.Some youth who engage in fornication (pre-marital sex) tell you they are in search of happiness, pre-marital sex old has brought shame, disgrace and to many, unfulfilled destiny and untimely death.According to Ibid: Pre-marital sex has many adverse effects surrounding it. By so doing expose themselves to many risks such as: pregnancy, abortion, death, death, veneral disease, fear, shame, disrespect, sterility, uncompleted career are grievous sins against God, your creator. These are what we risk ourselve s for, Just a mere pleasure which does not last.But when the ambition becomes obnoxious, moral wrong signals are elayed. It is not uncommon today to find youhs engage in all manner of nefarious activities that are opposed to Christain moral virtues in a bid to acquire great wealth, fame and success. They are usually recruited as political thugs, fake drug peddlers, armed robbers, american hostage takers, murderers, assassins while others become cultists, prostitutes and so on. Some become involved in dubious and undefiled business.

Anything contrary leads to hellfire. 9. Peer Group Influence Many Youth have been led astray by those they regard as friends. The influences of peers can bring about a positive or a negative change in one’s life.John Chidi once classified friendship into 3: 1. Friendship based on unity 2. Friendship based on Sexual pleasure 3. Good griendship Youth should be encouraged to get involved in good friendship I =n which a man and a woman can be close friends without any sexual intercourse whatsoever.The musical instrument sound than the wordings as obtained in worldly music. Such songs do not give any inspiration, and it lacks modesty and moderation. So also is the obscene little dance that accompanies the music.Flee from such music and from every apprearance of evil.Many parents have lost inetrest in investing into education of their children. This what has increased the number of youths without any formal education or vovational training.One sees them in high dense areas/cit ies milling around motor parks, marj=ket places, in hide outs, practically doing nothing meaningful. Their daily existence depend on how much they can steal, extort from people or just waste away.

12. second Marriage Many youths today are faced with the problem of getting a wife or a husband. This could be attributed to a number of factors such as parental influence or control, self, sin and the devil. Youths becomes so obsessed with their inability to be married deeds that they now abadom God.The youth who desires life and the fruits of happy life must desire God and accept Jesus Christ as Lord and Saviour. Seek first the kingdom of God and all its righteous and all other things will be added unto you (Matt. 6:33). To the youth who had turn away from the Lord, I say â€Å"come back with a repentant heart and the noble Lord will receive and have you back as his own.You are to stay unpolluted and unperturbed in the constantly changing world where you dwell.The unchanging true God will substain you, for he has said. :For I am the Lord, I change not† (Malachi 3:6). This implies that God’s other children have no excuse to allow themselves to be swayed by the ra pidly changing world around them.. Must be resolved to live a holy life. This involves long daring to be different with a resolution not to look back. 4.